When do you pay down payment and closing costs

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    • Down payment and closing costs calculator...

    Most home buyers use mortgage loans to help facilitate their purchases. And most mortgage loans require a down payment, which can range from 3% to 20% of the purchase price.

    In a standard real estate transaction, the buyer will pay the down payment during the closing process.

    This is also when you’ll pay your closing costs, which can also add up to thousands of dollars.

    This guide explains the timing of the down payment and how it fits into the broader home buying process.

    A Review of Minimum Down Payments

    Down payment requirements can vary depending on (A) the type of loan being used and (B) the amount of money being borrowed.

    • Conventional loans, which are not insured by the government, typically require an investment of 3% or more.

      But some borrowers have to put down more.

    • FHA home loans, which are insured through the Federal Housing Administration, require borrowers to put down at least 3.5%.
    • Jumbo loans, which exceed the conforming loan limits for the county where the home is located, might require down payments up to 20% due to the higher risk.

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